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Commonwealth Takes 224,000 sf in Center City

PHILADELPHIA-Twelve state agencies sign a nearly 20-year lease and move into three floors of offices in the Strawbridge & Clothier building.

By Casey Freeman | Updated on June 24, 2008

PHILADELPHIA-The Commonwealth of Pennsylvania signed a nearly 20-year lease for 224,000 sf in the former home of the Strawbridge & Clothier department store on Market and 8th streets. The building is located at 801 Market St. and zoned for office and retail. Pennsylvania Real Estate Investment Trust owns building and the connected Gallery shopping mall. The Commonwealth signed a 19-year, 11-month lease, with two five-year renewal options at the Commonwealth’s option.

“We specifically set the lease under a 20-year limit, which allows the Commonwealth to avoid city legislation. It was beneficial for both parties,” Shawn Southard, the director of PREIT corporate communications, tells GlobeSt.com. “The Commonwealth was located on North Broad and announced sale of their old building. I don’t know why the decision was made, why they sold the building or why they moved.”

The space will hold 12 state agencies and more than 750 employees and will serve as the new Philadelphia regional office for the Commonwealth of Pennsylvania. The aggregate lease value and price per sf were not disclosed to GlobeSt.com by PREIT.

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